{"id":90008,"date":"2026-04-27T14:04:02","date_gmt":"2026-04-27T14:04:02","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/sen-jallah-leads-senate-review-of-l79-billion-request"},"modified":"2026-04-27T14:54:31","modified_gmt":"2026-04-27T14:54:31","slug":"sen-jallah-leads-senate-review-of-l79-billion-request","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/sen-jallah-leads-senate-review-of-l79-billion-request","title":{"rendered":"Sen. Jallah Leads Senate Review of L$79 Billion Request"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>Lofa County Senator Joseph Kpator Jallah, Chair of the Senate Committee on Banking and Currency, along with his colleagues, says the committee is still doing a critical process of scrutinizing the Executive\u2019s request to print L$79 billion in banknotes reason it didn\u2019t approve the instrument doing its 10 days sitting.<\/p>\n

Senator Jallah\u2019s Banking Committee, as the lead, is being joined by the Committees on Ways, Means, Finance and Budget, and Public Accounts and Audit to review the feasibility of the Executive\u2019s request to print the amount from 2026\u20132030.<\/p>\n

This follows a mandate from the Senate Plenary upon receipt of the Executive\u2019s request after lawmakers returned for a 10-day Special Session requested by President Joseph Nyuma Boakai beginning April 9, 2026.<\/p>\n

The Executive\u2019s agenda for the Special Session contained two critical national issues: the printing of money and the 2026 supplementary budget, among others.<\/p>\n

Senator Jallah, as chair of the lead committee on banking, has exercised leadership by ensuring that hearings and consultations are held in public and in the committee room to establish the feasibility of printing L$79 billion in banknotes.<\/p>\n

On Tuesday, April 21, 2026, the first public hearing was held, with Central Bank Governor Henry Samoan and his deputies taking the witness stand to justify the printing of L$79 billion.<\/p>\n

With strong determination and dedication to service, the senators asked critical questions ranging from security and procurement to the economic data that informed the Executive\u2019s request.<\/p>\n

Speaking at the hearing, Senator Jallah said it is prudent for ordinary citizens to understand why new money is being printed and how it will impact the economy.<\/p>\n

Senator Jallah said, \u201cWe are here to represent our people who elected us. They need to understand it because we just printed money recently. If they don\u2019t, they will speculate, which is not good for the country.\u201d<\/p>\n

Senator Jallah\u2019s statement was accepted by members of the Joint Committee and the witnesses, prompting the Central Bank of Liberia to provide detailed information regarding the Executive\u2019s request.<\/p>\n

CBL Governor Samoan told members of the Joint Committee that the amount represents less than 40% of the current money supply, with the U.S. dollar dominating transactions in the country.<\/p>\n

Governor Samoan named economic growth and higher transaction demand as key drivers for the printing of the L$79 billion.<\/p>\n

He noted that the printing is also informed by an estimated 7% annual mutilation rate that needs to be replaced, adding that the projection is aligned with Liberia\u2019s low-inflation objectives, the de-dollarization agenda, and the effort toward a single currency.<\/p>\n

The Central Bank of Liberia (CBL) is also requesting the Legislature to approve the emergency procurement of L$14.7 billion for 2026.<\/p>\n

\u201cThe emergency printing is based on exchange rate movements experienced in 2024\u20132025, with future estimates of approximately L$200 to US$1,\u201d Governor Samoan asserted.<\/p>\n

Ten billion of the L$14.7 billion is intended for reserves, while L$4.7 billion is projected to meet transaction demand in 2026.<\/p>\n

The CBL is expected to open an international competitive bidding process to ensure transparency on medium-term cost issues following approval by the Legislature.<\/p>\n

At the same time, the bank has proposed a larger L$2,000 banknote in addition to the current family of Liberian banknotes, subject to approval.<\/p>\n

With these explanations, the Joint Committee has reverted to the committee room to critically review and report to Plenary following their return in the second week of May 2026. The committee\u2019s report will inform the Senate\u2019s decision to approve or disapprove.<\/p>\n

In light of these concerns, the Joint Committees have requested additional information from the Central Bank Governor to enable a comprehensive review and to ensure that any recommendation made to plenary is in the best interest of the Liberian people.<\/p>\n

The Lofa County Senator has assured the public that due diligence will be done in the scrutiny process to reflect the views and aspirations of citizens and to improve the economy.<\/p>\n

At the Senate, the Special Session achieved its goals of passing the supplementary budget and engaging relevant authorities on the printing of L$79 billion. Several officials at the Ministry of Local Government were confirmed<\/p>\n

For More News And Analysis About Liberia<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. Lofa County Senator Joseph Kpator Jallah, Chair of the Senate Committee on Banking and Currency, along with his colleagues, says the committee is still doing a critical process of scrutinizing the Executive\u2019s request to print L$79 billion in banknotes reason it didn\u2019t approve the instrument doing its 10 days sitting. Senator Jallah\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":90006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,12],"tags":[234],"class_list":["post-90008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-policy","tag-liberia"],"yoast_head":"\nSen. 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